For technical analysis, charting software or tools are your weapons. And if you want to win this trading game, then you should have the right weapon (charting software).
In this article, we will discuss free Technical Analysis Charting Software available for Indian stock market participants. These charting software also provides stock filters or scanners.
How to choose Best Technical Analysis charting software:
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Step-1: Identify what suits you best:
Before that you have to decide which type of Trader are you?
Example:
Day Trader
Swing Trader
Positional Trader
Investor
Then Decide which charting platform suits you.
Step-2 Real Time Correct Data:
This is very important aspect in trading because you need right data for entry, exit, stop loss, and target. And data forms charts, if data will incorrect then charts may wrong.
Step-3 Other Important Features:
Example:
Alert Feature: That helps you when you’re not infront of screen.
Take Snap Shot Feature: Helps in to record charts for future.
Variety Indicators: That gives you more confidence in trading and investing. Etc.
1. Best Technical Analysis Charting Software: TradingView
TradingView is one of the best platforms for charting traders, particularly those interested in price action trading and chart pattern trading.
When you open tradingview, in the open window, you’ll see a market summary and editors picks. Editors picks are posts that tradingview editors select to showcase on the front page. There are trading ideas and educational ideas by their members.
To open an account with tradingview is very simple. You just open your Google account and sign up. And if you’re a novice trader and want to use the free version, then It also offers a 30 day free trial.
TradingView also provides stock screener.
If you have Demat account with Upstox Pro, tradingview chart is inbuilt within the upstox broker’s platform.
Open Demat account with Upstox:
Read this article: Ultimate Guide to TradingView
2. StockEdge
StockEdge is a simple but effective charting software as well as a scanner and screener tool that helps traders and investors filter out stocks.
In StockEdge, filters:
- Based on Technical scan
- Based on Fundamental scan
- Based on Combination of both: Techno Funda Stocks.
If you’re new to share market trading, Stockedge is the way to go because, as a beginner, your focus should be on equity trading, and Stockedge is beginner friendly.
3. Chartink:
This is famous for best stocks scanner/screener which is freely available on the market. The scanner can be filter out stocks for intraday trader to long term investor.
They also provides fundamental scans and scans based on technical analysis.
4. Investing.com:
We can say it real news-based investing site. You’ll get real time news and features like tradingview. The charting facility is not so great compared to the trading view. But this is a free investing site good for beginners who want to learn about charts and practice it for free.
Conclusion:
Best Charting Software plays crucial role in Technical analysis. So, it takes time to choose the right charting software that suits you. You have to see two criteria the one is real time data (Trader perspective) and the second is end-of trading day data (Investor perspective).
I hope you enjoy this information as much as I enjoy writing it for you. I appreciate each one of you reading this, and if you have a spare second, do share this guide with your friends.
If you have any doubts or queries, ask in the comment section.
Happy Trading!